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Another 25bp Rate Cut! What's next for the market?
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Despite promoting de-dollarization, the organizers of the BRICS summit still recommend participants to carry US dollars and euros.

Despite promoting de-dollarization, summit organizers still recommend participants to carry usd and euros.
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Russian President Vladimir Putin is hosting an important summit with over 20 world leaders, trying to persuade them to abandon the usd.

De-dollarization is one of Putin's top priorities, as using local currency for trade means Russia, heavily sanctioned by the West, will not be subject to the USD-dominated global financial order.

However, breaking free from the usd is not easy. Organizers of the BRICS summit recommend foreign participants to bring cash, especially usd and euros, to attend the summit in the Russian city of Kazan.

According to the guidelines on the summit website, most Russian banks only accept US dollars or euros (Moscow considers them to be "toxic currencies") for exchanging rubles.
https://www.businessinsider.com/dedollarization-russia-brics-summit-foreign-attendees-cash-usd-euros-putin-2024-10
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